About this fund

Robeco Global Stars Equities invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis. The fund has a concentrated portfolio of stocks with the highest potential value growth. Stocks are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile.

The value of the investments may fluctuate. Past performance is no guarantee of future results.Annualized (for periods longer than one year).Cumulized (total amount of return).Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.Performances are net of fees and based on transaction prices.

Fund

Reference index

The value of the investments may fluctuate. Past performance is no guarantee of future results.Annualized (for periods longer than one year).Cumulized (total amount of return).Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.Performances are net of fees and based on transaction prices.

Market development

Equity markets continued the strong upward trend from the first quarter and closed up nearly 4%. The highlight of the month was the start of the Q1 earnings season. With around half of US companies having reported, numbers overall came in less poorly than expected, with earnings down 2.5% versus minus 4% expected earlier in the year. However they are still down year over year. Markets are anticipating earnings numbers to trough now, as economic growth is expected to improve throughout the year. Cyclicals outperformed even though ISM data slumped. The only sector to suffer was the healthcare sector. US elections preparations calling for lower drug pricing and a reform of the healthcare insurance business were headline risks and resulted in a large sell-off.

Fund Classification

Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.

Dividend policy

The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.

ESG Integration policy

An implementation milestone for the fund, is the successful translation of ESG value drivers into the target price of the analysed stocks. Material ESG factors are fully integrated in the valuation model and can in- or decrease the expected stock price. The key criterion to assess the value driver impact is how the ESG factors affect the company's competitive position. The method was developed over 2013 in collaboration with the Sustainable Investing team in Zurich, which offers proprietary ESG data and an intense dialogue to our equity analysts. From January 2014 onwards, all analyst are required to use this method in their investment cases, which has deepened our discussion and understanding of ESG issues.

Investment policy

Robeco Global Stars Equities uses a disciplined and rigorous selection process to find interesting stocks. Stocks are purchased mainly for their potential to increase in value. Fundamental analysis is carried out using a disciplined approach. The fund will not be constrained by its benchmark and stocks will be bought for their capital-appreciation potential. The fund can anticipate currency developments through active currency management. Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

Our overall assessment for developed markets is one with a neutral outlook and increasing risks. We think that global economic growth is set to slow next year, driven by a weakening of economic growth in both the US and Europe. The main reason for only having a neutral rating is that we do not see major risks of a global economic recession as yet. We think that the global earnings picture is still relatively robust, even though earnings growth may slow next year. However, we have not seen a meaningful reduction in earnings growth as yet. Valuations have come down across the board, with the US still most expensive, and Europe and emerging markets starting to look particularly cheap. Also, technical and sentiment factors already strike us as neutral to slightly bearish. All in all, we have become marginally more cautious, without the need currently to become overly bearish.

Jan Keuppens, Michiel Plakman, CFA

Jan Keuppens, Michiel Plakman, CFA

Jan Keuppens, Executive Director, is the Head of the Global Equities team. Prior to joining Robeco in 2005, he worked as a Portfolio Manager for Quest Management, AXA IM and Corluy & CO. Jan Keuppens started his career in the investment industry in 1997. He holds a Master's degree in Applied Economic Sciences from the University of Leuven. Michiel Plakman is Portfolio Manager of Robeco Global Stars Equities Fund NV. Michiel Plakman is co-PM for the Global Stars fund. Previously, he was responsible for managing the Robeco IT Equities fund within the TMT team. Prior to joining Robeco in 1999, Michiel Plakman worked for two years as a Portfolio Manager Japan at Achmea Global Investors (PVF Pensioenen). From 1995 to 1997, he held a position as Portfolio Manager European Equities at KPN Pension Fund. Michiel holds a Master's degree in Econometrics from the Free University of Amsterdam and he is a CFA charter holder.

Cost of this fund

Ongoing charges

Transaction costs

The expected transaction costs are

Performance fee

This fund may also deduct a performance fee of

Extra fees

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Fiscal product treatment

The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.05% of the net asset value of the fund. This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.

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